The Reserve Bank of India (RBI) has imposed a penalty of Rs 1 crore on Paytm Payments Bank Limited (PPBL) over certain specified violations, as referred in Section 26 (2) of the Payment and Settlement Systems Act, 2007. RBI observed that the information submitted during Paytm Payments Bank’s application for the issue of the final Certificate of Authorisation (CoA) did not reflect the factual position.
It has also penalised Western Union Financial Services by imposing a penalty of Rs 27.8 lakh for violating the prescribed limit of remittances per year.
Important takeaways for all competitive exams:
- Chairman of Paytm Payments Bank Ltd: Vijay Shekhar Sharma;
- MD and CEO of Paytm Payments Bank Ltd: Satish Kumar Gupta;
- Paytm Payments Bank Ltd Headquarters: Noida, Uttar Pradesh.